News Articles for Tap Oil

Our daily board moves wrap includes Timothy Cotton, Louis Calvarin, Kevin Dundo, Winnie Lai Hadad, Victor Rajasooriar, Govert van Ek, Peter McMorrow, and Matthew Blake.

A summary of last week's smaller deals that did not get included in our daily news coverage.

Atlas Iron has appointed Spiro Pappas, Professor Ian Plimer, Tad Watroba and Stephen Wood as non-executive directors with Mr Pappas being elected as chair.

Tap Oil major shareholder Risco Energy Investments has increased its takeover offer for the oil and gas company to $38.7 million on the back of BDO's independent expert valuation.

Tap Oil has urged shareholders to reject a $29.8 million takeover bid from major shareholder Risco Energy Investments, after independent expert BDO valued the company well above the offer price.

Yitzchac (Issy) Livian has resigned as executive director of HearMeOut.

The board of Tap Oil has recommended shareholders reject a $29.8 million takeover from major shareholder Risco Energy Investments, saying the proposal is opportunistic and undervalues the company.

After overhauling Tap Oil's board earlier this year, major shareholder Risco Energy Investments has made a $29.8 million takeover offer for the Perth-based oil and gas company.

Scott Waddell has resigned as chief financial officer and company secretary of Metro Mining.

Tap Oil has announced the resignation of four of the company's directors, including executive chairman James Menzies and Peter Mansell, with two nominations from major shareholder Risco Energy Investments appointed as replacements.

The Takeovers Panel has rejected an application by Tap Oil claiming its two biggest shareholders had become associated, with the panel refusing to make a declaration of unacceptable circumstances.

Tap Oil has submitted an application to the Takeovers Panel requesting the disclosure of details surrounding major shareholders Risco Energy Investments and Chatchai Yenbamroong, and for the pair to be restrained from voting at the company's annual meeting.

Tap Oil major shareholder Risco Energy Investments has notified the company of its intention to overhaul the company's board at the next planned annual meeting in February.

Tap Oil has appointed current independent non-executive director, James Menzies, as executive chair. Mr Menzies succeeds Doug Bailey, who will retire from the board.

Oil and gas play Tap Oil has confirmed James Menzies as its new chairman, after he joined the board in May as a director and was earmarked as Doug Bailey's successor.

Perth-based Tap Oil has settled its outstanding disputes with its second-largest shareholder, days before the matters were to hit the courts in Singapore.

A Thai petroleum millionaire has launched a low-ball offer for ailing Australian gold miner Kingsgate Consolidated as its future teeters on the brink.

Tap Oil says it expects to resolve outstanding disputes with a dissident shareholder after announcing a major restructure that will see the current chairman retire and three new directors join the board.

Troy Hayden will step down from the helm of Tap Oil as the company swings the axe on jobs and operations so it can meet its now-restructured debt repayment obligations.

Tap Oil has flagged a range of cost-cutting strategies while announcing a $6.75 million capital raising to pay back debt, after final terms of a refinancing deal with Macquarie Bank fell through.

Tap Oil shareholders have lodged a big protest vote, with more than 35 per cent of votes cast against three resolutions at today's annual meeting, with dissident shareholder Chatchai Yenbamroong accounting for a large share of the opposition.

Chatchai Yenbamroong has fired another round into his dispute with Tap Oil, with a letter to the company's shareholders calling for their support in his proposed board spill.

A dispute between Tap Oil and one of its substantial shareholders has escalated after the operator of the company's flagship Manora oil development served joint operator Northern Gulf Petroleum with a $35 million default notice.

Perth-based oil and gas company Tap Oil has launched a strategic review process that includes the possible sale of the business, after one of its substantial shareholders proposed a board shake-up.

Neon Energy may be leaving its Perth headquarters after entering into a merger implementation agreement with MEO Australia, which would create a combined entity based in Melbourne.

FEATURE: Salaries have come under huge pressure during the past year as widespread cost cutting takes its toll on executives' take-home pay.

Apache Northwest, Santos and Tap Oil announced today that drilling at the Bianchi-1 natural gas well co-owned by the three companies had confirmed a gas discovery, the second for the companies' offshore Carnarvon Basin joint exploration projects. Bianchi is located in the WA-49-R retention lease, around 60km north-west of Onslow and west of Barrow Island, and approximately 21km south of the Gorgon gas field. It is the second confirmed gas discovery in the retention lease, after the Zola-1 well, owned by the same companies and located about 6.4km south-west of the Bianchi site, tested positive in April 2011.

In the second of this year's quarterly series on executive remuneration, we find one conspicuous exception to the tighter salary packages on offer.

Tap Oil managing director Troy Hayden has signed a new contract that offers lower cash income but more incentives linked to the company's share price performance.

Tap Oil has secured more than $68 million in debt finance to fund the development of its Manora oil project in Thailand.

PERTH businessman Paul Underwood says a prolonged dispute with the Department of Water over compulsorily acquired freehold land has burdened his family with extensive legal costs and left them with

Tap Oil has washed its hands of any exposure to legal action surrounding the Harriet gas joint venture, selling its 12.2 per cent stake to a subsidiary of Apache Corporation for $10 million.

Santos today announced the final approval of the $490 million Fletcher Finucane oil project in the Carnarvon Basin, offshore Western Australia, and an increase in its equity interest after buy

Tap Oil says it expects any bidders for Burrup Fertilisers will have to contact it, as the legal and contractual disputes over its gas supply deal with Burrup escalate.

West Perth-based Tap Oil has appointed former Woodside Petroleum executive Troy Hayden as the company's new chief executive officer and managing director.

West Perth-based Tap Oil plans to raise $82 million to fund the acquisition and evaluation of oil assets in the Gulf of Thailand.

The success of West Perth as a natural resources hub is all about its ability to adapt.

Tap Oil announced today that managing director Peter Stickland has given notice to the board that due to family reasons he does not intend to renew his employment agreement.

Tap Oil has posted a loss of $4.9 million in its half year results to June 30 after the explosion at Varanus Island impacted upon production levels and, in turn, affected sales.

Tap Oil says it will farm-out interests in some of its projects in order to boost its forward cash flow while it cuts its 2009 exploration expenditure by 65 per cent on the back of lower oil prices.